Political action committees (PACs) provide another avenue for the crypto sector to influence the political process, and there has been a flurry of activity in this area as well. In November, the American Blockchain PAC was established with the purpose of raising $300 million for pro-crypto candidates. However, as of mid-February, it was claimed to have raised less than $8,000 thus far.
The $10 million Democratic Protect Our Future PAC was founded in January, with FTX CEO Sam Bankman-Fried among its donors. Former Donald Trump communications director Anthony Scaramucci backed the Gonna Make It (GMI) PAC, which began the same month with a tweet saying, “When we organise, when we mobilise, we are unstoppable.” We’re GMI PAC, a super PAC dedicated to electing pro-crypto candidates around the country.” It aims to raise $20 million in total.
In February, Coinbase announced its second effort at a PAC. Last April, it became a founding member of the Crypto Council for Innovation.
This year promises to be an intriguing year for crypto politics in the United States.
